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Indian Eco 2 > Short And Medium Questions From Notes > Flashcards

Short And Medium Questions From Notes Flashcards

1
Q

First ideal of self government put forward by

A

Grand Old Man Dadabhai Naoroji

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2
Q

First Indian to sit in British Parliament

A

Dadabhai Naoroji

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3
Q

Absorption in terms of NI accounting

A

C+I+G

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4
Q

Absorption in terms of NI accounting

A

C+I+G

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5
Q

Demand management policies are also known as

A

Monetary and fiscal policies

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6
Q

Inventory Theoretic Approach formulated by

A

Baumol

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7
Q

Why is high powered money called so?

A

Has a capacity to create more money and decrease liability of the govt and central bank

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8
Q

Liquidity trap occurs when

A

Demand for money is perfectly elastic

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9
Q

One of the most important achievements of the Uruguay round

A

Creation of WTO in 1995

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10
Q

What is the Dutch Disease?

A

Commodity boom that brings about overall economy downtrap

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11
Q

When does free riding problem occur

A

Public good

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12
Q

“Public expenditure goes up in a step by step manner”

According to?

A

Peacock and Wiseman

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13
Q

Who developed the concept of PQLI

A

Morris David Morris

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14
Q

Who explained capacity and demand creating aspect of investment in growth theory

A

Domar

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15
Q

3- Gap model associated with

A

Edmund L. Bacha

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16
Q

Costless bargaining leads to socially efficient outcome irrespective of who has property rights

what theorem?

A

Coase Theorem

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17
Q

Growth Paradox in Indian statistics during 1986-2001 is associated with?

A

Difference between real per capita GDP and real per capita consumption is huge in India and small for China

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18
Q

Most important contribution of Nehru

A

Planning is the key to welfare

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19
Q

What is the impossible Trinity?

A

A country cannot simultaneously have a fixed exchange rate, open capital account convertibility and independent monetary policy

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20
Q

What reforms are the following committed associated with?

Rangarajan Committee

A

BOP

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21
Q

Kelkar Committee

A

Tax Reforms

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22
Q

Tarapore Committee

A

Capital a/c convertibility

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23
Q

Chakravarty Committee

A

Monetary reforms

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24
Q

Indian Rupee devalued against which currencies?

A

US Dollar, Deutsche Mark, Yen, Pound Sterling, French Franc

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25
Q

In which year did the world bank not hesitate to say that India has stepped into service revolution?

A

2004

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26
Q

Swiss formula of the WTO is related to

A

Non-agricultural tariff

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27
Q

FEMA introduced in?

A

1999

28
Q

What was the Indian literacy rate according to census 2011?

A

73%

29
Q

As per which census was the Indian literacy rate 73%?

A

Census 2011

30
Q

Hindayal Upadhyay Grameen Kanshalya Yojana

A

Placement linked skill development scheme for the rural youth who are poor

31
Q

When was Mission Indradhanush launched?

A

December 2014

32
Q

Alternative to Mahalanabish development paradigm

A

Vakil and Brahmananda’s 2 way goods model

33
Q

Dadabhai Naoroji’s major contributions

A
  1. First economist to estimate India’s NI at 300 million pounds(40 shillings/Rs 20 per capita).
  2. Challenged John Stuart Mill’s free trade doctrine. Contradiction: Trade between 2 countries - one free, one under colonial rule, free country always gains. used this to explain drain of wealth from india to England
34
Q

How to secure basic needs for everyone
OR
There are two legs on which a country must walk

A

Focus on economic growth and social development simultaneously

35
Q

De-Coupling theory

A

Economists and policy makers were under the impression that the financial crisis in USA cannot hamper emerging markets in China in India in any way. Thus it was believed that India and China would be de-coupled. they believed that the contagious* effect will not occur. but this did not hold. the markets were affected through 3 channels

  1. financial channel
  2. Debt/trade channel
  3. confidence (credit rating) channel

thus de-coupling theory doesn’t hold

*contagious effect- criris in one country will affect another country

36
Q

Political system China vs India

A

India - Democratic

china- Authoritarian

37
Q

Development planning strategy India vs China

A

India - after Independence highly controlled administrative economy
China - same

38
Q

Mommie names Batman vs Superman

A

Batman - Martha

Superman- Same

39
Q

Rule of law India vs China

A

India- License permit quota raj toned down but bureaucratic India based enterprises still face challenges in terms of ease of doing business.
China - many laws in place but weak inconsistent of enforcement of regulations and contracts

40
Q

economic growth india vs China

A

India - growth paradox 1986-2001.growth trajectory passed through several ups and downs
China- no paradox. phenomenal GDP growth rate since 1970s

41
Q

Economic structure India vs China

A

India - excellence in service sector - it consulting, software, call centres; growing strength in financial analysis, drug research, industrial engg.

China- manufacturing workshop of the world- increasing sophisticated products

42
Q

Infrastructure India vs China

A

India - much electricity obtained illegally . inadequate transport. infrastructure expense low

china- infrastructure expenditure high. 10 times more paved roads than India. power coat 10 times lower. phone penetration 6times higher

43
Q

external trade India vs China

A

India - some trade liberalisation - scope for more. FDI opened more recently but caps remain. service exports better than China. Global player in IT and BPO and pharmaceuticals.
goods export in 2007- $155 billion

China- well integrated in global economy. dependent on foreign firms. hay export by MNCs. heavy use if FDI
goods export in 2007- $1218billion

44
Q

public sector India vs China

A

India - large and loss making

China. same. India’s loss< china’s

45
Q

banking sector India vs China

A

India - weak and underdeveloped

china- same

46
Q

income distribution India vs china

A

india- overty declining but rate is slow and absolute number under poverty remains same( population grows)

china- significant reduction of poverty. % declined, abs number also declined. but inequality increased.

47
Q

environment India vs China

A

india- deteriorating andnhinders growth

China - condition worse

48
Q

education India vs China

A

india- heavy investment in higher education. Basic education- later
china- heavy inv in basic investment. higher edu- later

49
Q

R &D India vs China

A

India - majority in public sector

china- majority in productive sector

50
Q

three phases of evolution of economic thinking in India

A

I. pioneer phase (pre 1905)
II. nationalist phase (1905-1939)
III. modern phase (1939-1965)

51
Q

Indian economics as a distinct discipline- origin?

A

Mahadev Govind Ranade

52
Q

what did k.t. telang advocate

A

concept of dependency which is usually associated with Latin American school of 1950s

53
Q

G.V. Joshi

A

Wrote on free trade issues around 1880s

54
Q

Major economic issues of first four decades of 20th century

A
  1. steep inflation experience (1905-1916)
  2. problem of external rupee parity
  3. issue of imperial preferences
55
Q

contribution of ambedkar

A

external parity of rupee- 1913, when gold exchange standard was formally introduced. Re 1= 2 shillings- fixed based on suggestion of Lord Keynes. parity proved unsustainable. the nationalist position was fix parity at pre-war rate - Re 1= 16 shillings. ambedkar opposed on grounds that it would favour and hit the working classes and the agricultural labourers. owing to the inflationary potential of the weaker rupee advocated by the nationalists, ambedkar must be credited for his remarkably innovative insight- distributional consequence of evolution.

56
Q

Richest debate on Indian economic issue possibly

A

external parity of rupee. 1913

57
Q

impacts of global tsunami 2009

A
  1. tightening of liquidity
  2. slow down of trade
  3. find out. imp.
58
Q

what effect did the global tsunami crisis have on India’s invisible trade

A

spill over effect. remittance of non resident workers lowered due to job shrinkage. finalization of income contract in us and EU and other countries and lower earning from tourism

59
Q

India embraced economic liberalisation in a meaningful sense from?

A

early 1990s

60
Q

how is China more developed than India

A

India, china- developing but export basket resembles that of developed nation. export sector developed. India exports IT AND BPO services. in addition, China exports banking and other financial services. China’s export earnings are more than India’s

61
Q

economic reforms can be conceptually divided into two broad strands

A
  1. stabilisation. redressing external internal imbalance in the economy
  2. structural adjustments to reduce rigidity and inefficiency in the system by improving competitiveness.
62
Q

how does the 1991 reforms break with the past

A
  1. dismantle complex regime of licences, permits, controls
  2. reverse strong bias towards state ownership of means of production and proliferation of public sector enterprises in almost every sphere of economic activity
  3. abandon our inward looking policy. embrace international trade
63
Q

contribution of ramesh Chandra dutt

A

he is remembered as an economic historian but he was also deeply interested in contemporary economy and other issues. in his open letters to Lord Curzon (1901,1902), he drew attention to causes of rural poverty, focussing on the burden of land revenues, a theme raja RAM mohan ray touched upon 70 years earlier.

64
Q

Raja RAM Mohan Roy. evolution of economic thinking

A

so far as the economic history of the 20th century is concerned, raja RAM mohan Roy was one of the earliest Indians to write on the economic histories of British India. he made a powerfully justified plea for lowering the rents of ryots via permanent settlement. since then, writings on issues of economic policy rolled over and continued but the systematic critique of the imperial govt’s economic policies really came to the fore only towards the late hours of the 19th century. under the intellectual leadership of dadabhai naoroji , ramesh chandra dutt and mahadev Govind Ranade, together can be honoured as the father of Indian economics.

65
Q

what is PQLI

A

physical quality of life index

Indian Eco 2 (2 decks)

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